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In This List

MENA news through Aug. 14

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MENA news through Aug. 14

* KBL European Private Bankers SA CEO Jürg Zeltner is expected to join the supervisory board of Deutsche Bank AG to represent the interests of the Qatari royal family, who is among the German lender's top shareholders, insiders told Reuters.

* The U.K. Serious Fraud Office added charges of actual fraud to the indictment brought against former Barclays PLC executives Roger Jenkins, Thomas Kalaris and Richard Boath over the British bank's controversial 2008 cash calls with Qatari investors, Bloomberg News reported.

GULF COOPERATION COUNCIL

* Arif Naqvi, founder of collapsed Dubai-based private equity firm The Abraaj Group, was sentenced in absentia to a three-year prison term by a United Arab Emirates court for a case tied to low-cost airline Air Arabia PJSC, insiders told Bloomberg.

* Dubai-based Network International Holdings PLC's first-half profit from continuing operations fell on a yearly basis to $15.8 million from $35.3 million due to higher specially disclosed items driven by one-off costs incurred in relation to its IPO in London.

* United Arab Emirates-based Bank of Sharjah PJSC plans to raise roughly $500 million through a potential issuance of U.S. dollar-denominated bonds in September or October to help it repay existing debt maturing in June 2020, insiders told Bloomberg.

REST OF MIDDLE EAST

* Bank Leumi le-Israel BM reported second-quarter consolidated net income attributable to shareholders of 923 million Israeli shekels, an increase from 903 million shekels a year ago, despite booking loan loss expenses of 288 million shekels, compared to an income of 14 million shekels a year ago.

* Israel Discount Bank Ltd. posted second-quarter net profit attributable to shareholders of 545 million shekels, up from 423 million shekels a year earlier. Israeli peer Mizrahi Tefahot Bank Ltd. also booked a year-over-year rise in attributable net profit for the quarter, to 576 million shekels from 207 million shekels, and said it had resumed dividend distributions to shareholders this quarter and will pay out 392 million shekels for the first half.

* Meanwhile, First International Bank of Israel Ltd. posted second-quarter net profit attributed to shareholders of 224 million shekels, up from 219 million shekels a year earlier.

* Shares in Israel-based online trading platform Plus500 Ltd. jumped Aug. 13 after the London-listed company announced a new share buyback program of up to $50 million despite an 80% drop in net profit for the first half. Plus500 also warned of a potential regulatory crackdown in Australia over the marketing of complex financial products.

* Barak Capital Ltd. and Leader Underwriters submitted a binding offer to acquire IDB Development Corp. Ltd.'s 20.3% stake in Israel-based Clal Insurance Enterprises Holdings Ltd. for 630 million shekels, Globes reported.

* The U.S. Commodity Futures Trading Commission filed a complaint in a local federal court against five entities and four individuals, including Israel-based binary options firm Yukom Communications Ltd., Linkopia Mauritius Ltd. and former Yukom CEO Lee Elbaz, for a fraud scheme related to a global retail binary options enterprise that targeted and victimized U.S. residents. The move comes after Elbaz was convicted in Maryland of wire fraud and conspiracy charges over a scheme to defraud investors, Bloomberg noted.

* German firm Lucht Probst Associates acquired Modelity Technologies, an Israel-based technology firm for the financial and capital market industry.

* Euroclear Bank SA/NV will become the first financial institution to join the Tel-Aviv Stock Exchange Ltd. as a custodial member, which will allow the Belgian company to directly access the exchange without engaging in any trading activity and provide settlement and asset services for domestic Israeli securities. The membership will take effect in September, Reuters noted.

* The Bank of Israel is looking at changing its method for intervening in the foreign exchange market as part of measures to lower the effective interest rate and increase inflation, according to Globes.

* The Tel Aviv Stock Exchange and the Israel Securities Authority are looking to expand Israel's retail trading base by urging investment houses and financial technology companies to offer retail brokerage services, Reuters reported.

NORTH AFRICA

* British private equity firm Helios Investment Partners LLP said it partially exited Fawry for Banking Technology and Electronic Payments SAE through the latter's heavily oversubscribed IPO of 36.0% of its share capital on the Egyptian Stock Exchange.

* The process of selecting a new CEO for Tunisia's Banque de l'Habitat SAL has reached an impasse due to delays in the government's appointment of a new cabinet, which will be tasked with interviewing candidates for the post, government sources told IlBoursa.

* A rate cut by the Egyptian central bank could be imminent as inflation reaches its lowest in four years and consumer prices continuing to rise, Bloomberg noted.

* National Bank of Egypt SAE secured a license from the Egyptian Financial Supervisory Authority that will allow it to promote and cover IPOs, according to Al-Masry Al-Youm.

Henni Abdelghani and Sophie Davis contributed to this report.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.